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What Are Economic Damages?

If you are going through a lawsuit or other liability issue, you might have heard of the term “economic damages.” If it’s in papers you have received or you have heard someone use the term, you need to know what the term means, and what it means for you. 

Economic damages refer to something that happens in personal injury cases. Most of the time the damages from a personal injury are “economic” or “noneconomic.” A trusted lawyer near you will know how to maximize the amount you may get for each of these types of damages.

Economic Damages Defined 

Non-economic damages refer to compensation for subjective and non-monetary losses such as pain and suffering, inconvenience, emotional distress, loss of society and championship, loss of consortium, and loss of enjoyment of life. Non-economic damages are defined as subjective, unquantifiable, non-monetary losses.

In contrast, economic damages are measurable, objectively verifiable, financial losses.

Economic damages can include a variety of different losses:

  • Future medical expenses 
  • Past and future lost wages 
  • Household services 
  • Vocational rehabilitation 
  • Property damages 
  • Out-of-pocket expenses
  • Other bills that arise from the accident

Economic damages are awarded to those who were injured by another party’s negligence, from being given substandard healthcare to being injured in a motor vehicle accident and beyond. 

Medical expenses make up most of the awards that come in for people. This includes hospital bills, therapy costs for emotional/mental issues brought on by the injury, costs of medication, ambulance bills, and more. 

How Are Economic Damages Calculated?

If you are seeking economic damages, you might be wondering how they are calculated and what kind of money you can expect. Economic damages are calculated by adding together the documented amounts for all the financial costs related to your injury experience. 

This can include pharmacy receipts, hospital invoices, and other various medical bills. Other costs may include damage to your motor vehicle or other personal property, costs of services related to your injury and recovery from it, and more. But all evidence should be measurable. 

A personal injury lawyer can help you determine the amount you’re due. They will be able to know what is a good and fair amount based on other cases they have worked on. 

Difference Between Economic vs. Non-Economic Damages 

As mentioned, non-economic damages are not measurable in a typical sense. They cannot be added up using documented bills and receipts. Some examples include:

  • Emotional distress 
  • Disability or disfigurement 
  • Pain and suffering 
  • Physical impairment 
  • Loss of companionship
  • Loss related to the plaintiff’s reputation 
  • Loss of enjoyment of life 

Figuring out the value of your non-economic damages typically requires special tools and calculators; this is the main distinction between these types of damages. You can receive awards both for economic damages and non-economic damages. 

Should I Contact an Attorney for Economic Damages?

Most people contact a lawyer after a personal injury for help getting economic damages covered. A lawyer can also represent you in court if you end up needing to talk to a judge or go to trial. Lawyers from the Law Offices of Dennis Smith, PLLC can help to get you the award that you think is correct. They can also work with the insurance company and negotiate. 

For more information and to claim your free consultation, call 212-835-1699 or fill out the form below for more information. 

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